The U.S. Census Bureau says that construction spending in August increased by 13.7 percent over August of 2014's estimate. This is interesting because throughout the first 8 months of 2015, construction spending only increased by 1.3 percent over the same period in 2014.
The Consumer Financial Protection Bureau (CFPB)
In other news, the CFPB's TILA-RESPA Integrated Disclosure rule (otherwise known as TRID) will take effect on the 3rd of October, 2015. The CFPB would like people to refer to these rule changes as "Know Before You Owe". To summarize an otherwise complex change in the real estate industry, it will affect the way that loan closings are done...or the process of closing a loan. It may add a few days to the closing process from the traditional 30 days, to as many as 45 days.
Phoenix Valley Real Estate News
Rental prices are on the rise across the valley and don't look like they will drop anytime soon. Because of the higher demand, it creates higher rent. Some of the most expensive areas to rent are North and South Scottsdale, North Tempe and Chandler. Most areas across the valley have seen rental increases in the past year. Areas like Chandler, Gilbert, North Glendale and Peoria have seen the largest increase in rents. Get more info from this article by ABC15.com.
Arizona Weather Changes
Triple digit weather looks like it may have made it's last appearance this year. Usually when October rolls around, our internal Arizona clock starts to pay a bit more attention to the heat, and the forecast. The 7 day forecast has us dropping to the mid 90's, and even the 80's the early part of next week.
Highest Priced Homes Sold This Week